The update is being rolled out in some regions as an OTA. If you own the device, you should check whether your device has received the update or not. You can manually check for the update, go to System > Software update > Check for updates. If the update is not available in your region, just wait for few more days. There is another way to update, open HiCare app > Update > Check for updates. The current update is still based on Android 10. The update brings stability and performance improvements to the device. The update also addresses various bugs which were present in the previous build.
EMUI 10.1.0.301 update details:
Firmware: EMUI 10.1.0.301
Huawei P40 Lite EMUI 10.1.0.301 Changelogs:
Adds December 2020 security patch
